MGM MIRAGE Commits to Financing $160mil of The M Resort

Mixed-use Casino, Resort and Commercial Center 6 miles South of the Las Vegas Strip

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. October 14, 2008

LAS VEGAS, NV, April 26, 2007. MGM MIRAGE (NYSE: MGM) announced today that it will invest in The M Resort, an 80-acre mixed-use development, currently being developed by Anthony A. Marnell III. The project is located on the southeast corner of Las Vegas Boulevard and St. Rose Parkway, approximately 10 miles south of Bellagio.

The M Resort will be developed in multiple phases, with the first phase located on approximately 40 acres consisting of an Italian contemporary designed resort, spa and casino. The development integrates a customized collection of amenities including an outdoor canyon pool and entertainment venue, oversized guest rooms, panoramic suites, a top-of-the-tower ultra lounge and a state-of-the-art convention center.

"MGM MIRAGE is pleased to be a part of this unique resort and real estate development," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. "We share in Anthony's vision and are very impressed with the experienced management team he has assembled. The M Resort is destined to become the premier project on the South Strip."

MGM MIRAGE has committed, subject to certain conditions, to finance $160 million of The M Resort in the form of a subordinated convertible note. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM MIRAGE has the right to convert such note into a 50% equity interest in The M Resort after eighteen months of the note's issuance if not repaid.

"To have the dedication and commitment of one of the world's most respected gaming resort companies with us is a huge validation of the location, design and master plan of The M Resort," said Anthony A. Marnell III. "The financial strength, quality, creativity and experience that this relationship creates will be unmatched on the South Strip."

The first phase of the development program will consist of approximately 400 rooms and suites, a 100,000 square foot casino, various culinary experiences in multiple venues and settings, a 70,000 square foot events center capable of hosting events for up to 1,000 guests, a luxurious resort spa as well as various entertainment elements. The estimated cost of this first phase is $700 million, excluding land.

Site work on the project has already begun. Construction work is scheduled to begin over the upcoming weeks and The M Resort is anticipated to debut in mid-2009. Future phases are being designed to include mixed-use development on the remaining 40 acres.

Forward Looking and Safe Harbor Statements:

Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private

Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.